While existing home sales in June were at a seasonally-adjusted annual rate of 5.57 million, their highest level since 2/07, sales remain 22% off the peak of mid-2005. A key reason; a low inventory that essentially hasn’t budged since late…
While most nations are struggling mightily with how to boost inflation from microscopic levels, Venezuela has more than enough. This year, Venezuelan inflation is expected to reach 500%, and in 2017, a terrifying 1,650%. Declining oil prices alone hurt, but…
The Friday File: The number of foreign adoptions by Americans fell by 12% in 2015 to 5,648, down from 6,438 in 2014 and a peak of 22,884 in 2004, from which the number has steadily declined. In 2015, the number…
For the year ending 6/16, the budget deficit totaled $523 billion, up 20.6% from a year earlier. As a percentage of GDP, it’s 2.9%, the highest level since 3/15. Revenues grew 2% in the last 12 months, spending grew 4.3%.…
With global growth slowing and inflation benign, easy monetary policy is here for longer. Of the 25 largest central banks, only two have recently raised rates; the Fed and the Federal Reserve Bank of Mexico. Twelve are expected to ease,…
The labor force participation rate has fallen substantially for workers with, at most, a high school degree. This fall in the supply of low-skilled workers should raise wages. Yet, their wages have fallen 25% compared to workers with a college…
The first post-Brexit US economic data point came out Friday, and it showed that consumer sentiment declined from 93.5 in June to 89.5 during the first 10 days of July; hardly surprising. Record numbers of households mentioned Brexit, including nearly…
The Friday File: The highest grossing musical tour in 2015 was Taylor Swift, with revenues of $250 million, followed by AC/DC at $180, One Direction at $159, U2 at $152 and Foo Fighters at $127. The highest grossing concert tour…
While stock markets have largely recovered from the recent Brexit vote, trouble lurks as witnessed by the continued plumbing of new depths by interest rates. 10-year US Treasuries recently hit a historic low of 1.36%, equivalent duration German bonds yield…
The percentage of homes with a mortgage in foreclosure in 5/16 was 1%, compared to 1.3% in 5/15 and a peak of 4.5% in 2010. The current rate is the lowest since 10/07 but is still double the historic average.…